eu_la relations turning investment into opportunity

EU-LATIN AMERICA RELATIONSTURNING INVESTMENT INTO OPPORTUNITY

Summer 2012

Media Partner

EU-LATIN AMERICA RELATIONSTURNING INVESTMENT INTO OPPORTUNITY

A one day Policy Summit on EU-Latin America relations within the framework of the AL-Invest IV Programme to input into the preparations of the

2013 official EU-Community of Latin American and Caribbean States (CELAC) Summit and the second public-private dialogue event between the European Union and Latin America

on “Foreign Direct Investment and SMEs”

co-organised by Friends of Europe and EUROCHAMBRES and the United Nations Economic Commission for Latin America and the Caribbean

with media partner Europe’s World

Summer 2012Brussels

The document has been produced with the financial assistance of the European Union.

The contents of this document can under no circumstances be regarded as reflecting the position of the European Union.

The views expressed in this report are the private views of individuals and are not necessarily the views of the organizations they represent, nor of Friends of Europe, its Board of Trustees, members and partners.

Reproduction in whole or in part is permitted, provided that full credit is given to Friends of Europe, and provided that any such reproduction, whether in whole or in part, is not sold unless incorporated in other works.

This report is printed on sustainably produced paper

Rapporteur: Phil Davis

Publisher: Geert Cami

Project Director: Nathalie Furrer

Project Manager: Maximilian Rech

Photographer: François de Ribaucourt

Cover Photograph: John Corbett

Layout: Kramik

Table of contentsExECUTIVE SUMMARY 4

WHY EUROPEAN INVESTMENT IS STILL SO BUOYANT 7

Region still buoyant, investment flows huge 8

Impact of the Eurozone crisis is limited 9

Factors that deepen the relationship 11

Seeking channels for improved co-operation 12

Progress on some agreements is slow 13

Upgrading social policies, addressing inequality 15

LATIN AMERICA’S DYNAMIC MARKETPLACE 17

SME sector creating bottom-up growth 17

Family-owned firms also require support 18

International companies add cohesion and networks 19

Argentina rediscovers its dynamism 20

Governments should play more active role in regionalisation 20

Level of trust must go up 22

OPPORTUNITIES IN TOMORROW’S RESOURCE-SCARCE WORLD 27

Moving away from commodities reliance 28

Brazil looks to the future 29

Chile invests in technology transfer 31

If Europe doesn’t add the value, others will 32

Where’s the infrastructure? 33

ANNEx I - Programme 35

ANNEx II - List of Participants 39

4 EU-Latin America Relations: Turning investment into opportunity | Summer 2012

ExECutivE SuMMaRyEuropean investment in Latin America and trade flows continue to increase year after year. As João Aguiar Machado, Chief Negotiator for EU-Mercosur trade negotiations and European Commission Deputy Director for Trade, said: “Foreign direct investment in Latin America in recent years has increased by considerably more than to the world as a whole.” Clearly, the crisis in Europe has not led to a standstill in the relationship between Europe and Latin America.

The integration of human capital is likely to speed up as a result of booming economies in Latin America and retrenchment in Europe. “Some of the countries in Europe are under great stress and we are seeing emigration out of Europe starting again,” Pierre Vimont, Executive Secretary General at the European External Action Service (EEAS) noted. “Latin America could once again become a continent that could attract new citizens.”

A great many trade and investment agreements have been signed between the EU and Latin America. In the week of the summit alone, agreements were being signed with Colombia, Peru and a number of central American countries. However, perhaps the most important negotiation – with Mercosur – is being frustrated by concerns on both sides over protectionism.

One of the biggest challenges for Latin America is to become more self-sustaining. For this to happen, volumes of trade between each of the countries must increase and there will have to be greater co-operation and agreement, including enhanced formal and informal networks. Mercosur has seen cross-border trade increase tenfold between member countries in less than two decades, an average annual growth rate of 15 per cent. Nevertheless, major differences remain between national marketplaces.

SMEs are the key to the process of sustainable intra-regional growth. Further up the value chain, there are many family-owned companies that have existed for many years and require assistance to reach the next level and internationalise. Multinational companies are an important part of the development matrix too. They both transfer technology and resources to the local region while benefiting from its dynamic population.

5EU-Latin America Relations: Turning investment into opportunity | Summer 2012

Internal market dynamics could be enhanced if politicians made greater efforts to link the region and started trading as a bloc. Vibeke Rovsing Lauritzen, Representative of the Danish EU Presidency and Under-Secretary of State for the Trade Council of the Ministry of Foreign Affairs, Denmark, said: “Integration has been slow and mainly driven by the private sector. Governments could play a more active role in trade liberalisation. We need to ensure a good investment climate by strengthening institutions and legislation and creating a stable environment for investors.”

Huge natural resources can provide considerable impetus for any economy. But resources don’t last forever and in the past they have been squandered in various parts of the globe. Latin America is seeking to avoid this fate by seeking ways to add value to its commodity-led markets. Europe, with its vast experience of service provision, has a crucial part to play in this. However, European institutions and companies are advised they should focus closely on value-added services if they are to maintain relationships with Latin America and not lose out to fast-growing Asian competitors. For value to be added, infrastructure is critical. However, in some areas it is severely lacking, providing a disincentive to investors.


WHy EuROPEaN iNvEStMENt iN LatiN aMERiCa iS StiLL SO BuOyaNt

For Latin American countries it is almost as though the financial crisis never happened. Growth rates may have tempered recently and ratings agencies have downgraded some of the region’s banks - but growth is still high relative to world output levels and foreign direct investment into the region shows no sign of abating. With low growth in their own economies, European investors are ploughing ahead with allocations to Latin American countries. They have increased their share of investment compared with the US and appear more enthusiastic than ever about the region. This flies in the face of gloomy predictions

Carlos appelgren Balbontin, Ambassador of the Mission of Chile to the EU, argues for closer EU-Latin America trade co-operation


that Europe is pulling back from foreign investments in the wake of the crisis. It remains to be seen whether Europe can sustain its partnerships and investments in Latin American amid biting austerity packages and the worst economic crisis for a generation. If it pulls back, Asian countries will surely fill the breach and forge relationships that could set back Europe’s ambitions in the region.

Region still buoyant, huge investment flowsEuropean investment in Latin America and trade flows continue to increase year after year. As João aguiar Machado, Chief Negotiator for EU-Mercosur trade negotiations and European Commission Deputy Director for Trade, said: “Foreign direct investment in Latin America in recent years has increased by considerably more than to the world as a whole. In 2011, FDI from Europe to Latin America increased by 31% while the increase to the world was 17%.

“You hear a lot of concern that Europe is losing out to China, which is a major competitor. But we don’t see this happening. In trade flows, for instance, the EU has maintained its share at 13%-15%. Meanwhile, the US share has decreased from 55% to 35%. That’s a big dent in their share.”

A number of countries across the continent are driving this growth in trade and FDI, with Brazil at the forefront. With its young population of about 200m people, a strong industrial base and entrenched democratic values, it is often

“We count on the incoming presidency of Mercosur by Brazil to push this negotiation forward, but it is complex and we won’t make any predictions.”

João aguiar Machado, Chief Negotiator for EU-Mercosur trade negotiations and European Commission Deputy Director for Trade


first port of call for FDI, according to Gutemberg uchôa, General Manager for Investments at Apex-Brazil.

In 2011, Brazil received $67bn of FDI and while international growth rates have been negative since the financial crisis, Brazil’s GDP is growing by 7.5% a year, the highest rate since the 1980s, he noted. “We have a very solid, consolidated financial system with strong financial institutions,” he said. “These are important to promote trust and confidence. The recent crisis affecting Europe and the world has also affected us but we have promoted aggressive policies to combat the effects of the crisis and promote economic development. Monetary policy is proactively expansionist.”

This should help to keep driving the growth which has led 24m Brazilians to be lifted from poverty in the last seven years alone. Now 27m are in the ABC category. Seeing this wealth creation, European companies are investing fast and are injecting £30bn into the Brazilian economy every year. Mr Uchôa stated: “The uncertainties in Europe may represent a window of opportunity for stronger co-operation - we believe that there is a new opportunity to promote business between the EU and Brazil.”

impact of the Eurozone crisis is limitedThe crisis in Europe has not led to a standstill in the relationship between Europe and Latin America. Far from it, said Giles Merritt, Secretary General of Friends of Europe and Co-Moderator of the summit. “Latin America seems recession proof. Not entirely, but certainly compared with Europe and the US. Even the growth in Asia, particularly China, has been somewhat flattening.”

The fact that European trade and investment is also forging ahead tells us two things, Merritt said. First, European businesses are clearly attracted by Latin

“the recent crisis affecting Europe and the world has also affected us but we have promoted

aggressive policies to combat the effects of the crisis and promote economic development.”

Gutemberg uchôa, General Manager for Investments at Apex-Brazil


America’s booming economic activity. “But it also tells us we should be careful about what the Eurozone crisis means,” Merritt said. “It is not bringing economic activity to a halt. It is very alarming that everyone seems to be reporting that the sovereign debt crisis has brought Europe to a standstill. It hasn’t.”

Even though Latin America’s growth has slowed down from 6-7% a year ago to 4% this year, the EU is still increasing both trade and FDI in the region, emphasised Pierre vimont, Executive Secretary General at the European External Action Service (EEAS).“The whole story between Latin America and the EU is a success story we don’t talk about enough,” he said. “Everyone is looking East to China and forgetting about Latin America, which is undoubtedly the continent that has been most impressive not only in economic terms but in political terms too.”

Politics are likely to be as important as economics at this critical moment of change in the world’s political and economic dimension. José ignacio Salafranca Sánchez-Neyra, MEP and Chairman of the Delegation to the Euro-Latin American Parliamentary Assembly, insisted that political actors will be as influential as economic actors in the EU-Latin American relationship, at least over the medium term. “The most important mechanism to provide for the promotion

“the Eu is undergoing the biggest political and economic crisis since its creation. Nevertheless, the Eu is a success story.”José ignacio Salafranca Sánchez-Neyra MEP, Chairman of the Delegation to the Euro-Latin American Parliamentary Assembly

“Everyone is looking East to China and forgetting about Latin america, which is undoubtedly the continent that has been most impressive not only in economic terms but in political terms too.”Pierre vimont, Executive Secretary General at the European External Action Service (EEAS)


of the relationship is to increase the political will,” he said. “The EU is undergoing the biggest political and economic crisis since its creation. Nevertheless, the EU is a success story. It has a market of 500m people and 300m people with the same currency, and high welfare indicators. It is the biggest single bloc for importing goods and services. Aid is three times what the US provides. So in spite of the crisis, the EU is still an important power.”

Factors that deepen the relationship There are a number of regions and economic blocs that are competing to partner with South America. The ties with Europe are particularly strong because of the depth of European commitment and the cultural linkages. Mario Cimoli, Director at UN ECLAC, highlighted the benefits Europe brings to the region’s economy and citizens. “Europe invests not only in M&A but also in greenfield projects,” he said. “The EU provides more R&D compared with other countries, particularly to Brazil. This investment creates employment, production chains and the promotion of SMEs. European investment is very important and is the most diversified of all foreign investment.” In sectors such as manufacturing, telecoms and banking, more input and integration is still sought though.

The linkages are stronger and more diverse than merely trade and FDI. Vimont underlined: “It is not just about business. It is about population too. Italy, Spain,

“the Eu provides more R&D compared with other countries, particularly to Brazil. this investment creates employment,

production chains and the promotion of SMEs.”

Mario Cimoli, Director at UN ECLAC


and France have sent a lot of their people to Latin America. Many enterprises have crossed the ocean to work there and not just for profits. There is a focus on research and development, social responsibility, on addressing the social sector to help with major issues such as inequality.”

This integration of human capital is only likely to speed up as a result of booming economies in Latin America and retrenchment in Europe. “Some of the countries in Europe are under great stress and we are seeing emigration out of Europe starting again,” Vimont noted. “So Latin America could once again become a continent that could attract new citizens. We are only at start of this process but it will be interesting to see how it goes.”

Seeking channels for improved co-operationWhile the relationship has been growing and deepening for many years, there is always a danger that it will lose its momentum. It was generally agreed at the summit that Europe needs to proactively consider how it can play a part in the continuing development of a new, self-confident Latin America.

The first proposal is to focus on boosting SMEs, which are the lifeblood of any economy. vittorio tonutti, Acting Head of Unit, EU policies, Regional Programmes Latin America and Caribbean at the Directorate General for Development and Cooperation - EuropeAid (DEVCO), said: “The key is to boost social cohesion by supporting SMEs in their efforts to expand to international level by increasing the flow of information and knowledge with counterparts.”

A recent survey conducted by the Commission showed that by mid-2011 the programme had directly benefited almost 30,000 companies, he added.

“the key is to boost social cohesion by supporting SMEs in their efforts to expand to international level by increasing the flow of information and knowledge with counterparts.”vittorio tonutti, Acting Head of Unit, EU policies, Regional Programmes Latin America and Caribbean at the Directorate General for Development and Cooperation - EuropeAid (DEVCO)


However, there is now a need to change the design of aid programmes, making better use of aid by allocating more of it to high priority and long-term projects.

Since 2011, the programme has focused on three main priorities: 1. Enhancing or redesigning services to improve SMEs’ competitiveness.2. Ensuring policies have a positive impact on SMEs at a regional level as well as 3. Creating interaction between business organisations and networks of institutions

in Latin America, while forging alliances with similar European networks.

There is also a need to update existing trade and political relationships between the EU and Latin America to reflect the fast development of the region. “We still have the trade agreements of a former generation,” said Vimont. “We need to start looking at a new generation of agreements that deal with services – a sector where member states have invested a lot. Nearly two-thirds of investment in Latin America is now in services. Trade agreements should be upgraded to take account of that reality.”

“We have to discuss with countries such as Mexico, Argentina, Brazil and Colombia the main issues that the international community is facing. Brazil wants to be part of the international community with regards to the Middle East, Syria and Iran. We need to develop a political dialogue so they feel part of a strong relationship between the EU and Latin America,” Vimont added.

Progress on some agreements is slowA great many trade and investment agreements have been signed between the EU and Latin America. In the week of the summit alone, agreements were being signed with Colombia, Peru and a number of central American countries. These agreements are subject to ratification by the European Parliament later this year.

However, perhaps the most important negotiation – with Mercosur – is being frustrated by concerns on both sides. “Mercosur is the big prize,” asserted Machado. “But it also involves the most difficult negotiations.” Concerns relate to the protection of agriculture by the EU members and to industry on the part of Latin American countries. “We count on the incoming presidency of Mercosur by Brazil to push this negotiation forward,” said Machado. “We expect in the next six months the Brazil leadership will push it forward, but it is complex and we won’t make any predictions.”


It was unfortunate that protectionism was holding up the Mercosur process, said arnaldo abruzzini, co-moderator of the summit and Secretary General of EUROCHAMBRES. “If you want to invest you need the political and business will, but also willingness on the part of recipients as well.”

“It is difficult to engage in a trade negotiation when at the same time a country is adopting protectionist measures, it goes against the very grain of the purpose of a trade negotiations”, added Aguiar Machado. “These policies obviously reflect certain policy choices that are not in tune with a negotiation that aims to liberalize trade. They are not sustainable over time”.

Protectionism is not a simple issue, of course. Some discussants believed that Europe is blocking access to its markets from other regions by not stimulating demand and creating access for the importation of goods and services.

Several hundred observers attended the Policy Summit on EU-Latin America investment relations


“Some economies have been able to develop thanks to their internal markets and expansionist policies for new investment, new companies and new employment,” argued Cimoli. “Meanwhile, another part of the world is trying to resolve its pile of debt with restrictive policies that restrain the possibility of new jobs and so on. So let’s have no rhetoric and let’s not try to highlight blame. If we don’t realise that each context is different, we will lose time in negotiations.”

upgrading social policies, addressing inequalityAs well as politics and economics, the two regions need to focus more on a third critical development issue: inequality.

“At the risk of raining on the parade, there remain huge gaps between rich and poor in Latin America,” Merritt noted. “The region is sucking in technology in its centre and not transferring it outward. There is an awfully long way to go before most Latin American countries can even aspire to the social development, welfare and political stability that most Europeans take for granted. So we shouldn’t get too carried away by economic progress. We Europeans still have a lot to do to help Latin American countries to develop and enjoy the same living standards as we do here.”

Part of the answer may be to rebalance aid to where it is needed most. In this way, the countries with the greatest equality gaps received most aid. This idea, though, is controversial because some regions will receive less direct aid. “There is clearly a lot of poverty in these countries and strong social divisions,” noted Vimont. “But in the last decade more than 70m people have come out of poverty. We still have a lot more work to do.”

The EEAS has launched programmes to address social issues and private enterprise is also looking at the issue to ensure stability. The programmes differentiate between countries in the region, rather than treating the region as homogenous. Vimont said: “There has been strong economic progress in some countries in the middle income range so we have to adapt financial instruments to this reality.” But change should not be brutal, but gradual, taking into account the social, political and economic situation of each country.


LatiN aMERiCa’S DyNaMiC MaRKEtPLaCE

One of the biggest challenges for Latin America is to become more self-sustaining. For this to happen, volumes of trade between each of the countries must increase and there will have to be greater co-operation and agreement, including enhanced formal and informal networks. Mercosur has seen cross-border trade increase tenfold between member countries in less than two decades, an average annual growth rate of 15 per cent. Nevertheless, major differences remain between national marketplaces. Can key players, like pan-regional organisations and SMEs facilitate technology and knowledge transfer and help to create more convergence?

SME sector creating bottom-up growthSMEs are the key to the process of sustainable growth. To some extent, the development of SMEs is taking place within the region, without external help or co-ordination. “I have been involved my whole life in promoting small companies,” said Fanny de Estrada, Director of Competitiveness of the Guatemalan Association of Exporters (AGExPORT). “Sometimes we underestimate the capacity that many people have to do things. In Latin America and Central America we have a high entrepreneurship rate because people always find a way to progress.”

AGExPORT has helped hundreds of thousands of small producers, mainly in rural areas, to find markets, sometimes by pooling their products. The sectors

“Sometimes we underestimate the capacity that many people have to do things. in Latin

america and Central america we have a high entrepreneurship rate because people always find

a way to progress.”Fanny de Estrada, Director of Competitiveness of the Guatemalan

Association of Exporters (AGExPORT)


range from agriculture to tourism, and from decorations for homes to gourmet fruit and vegetables. The organisation supports each company for between 18 months and three years, putting them in contact with potential clients.

“We know where buyers are and we get buyers to specify what they want,” continued Estrada. “Through our support programmes, we take them to spheres where the deals are made. If they are selling flowers or vegetables or fruit we need to go to where deals are made. They can travel and be empowered.”

Family-owned firms also require supportFurther up the value chain, there are many family-owned companies that have existed for many years and require assistance to reach the next level and internationalise. víctor Esquivel, Board Member and Partner in Charge of Advisory, KPMG (Mexico), noted that family-owned companies provide about 95% of employment in Mexico. “So there is a rich entrepreneurial base that requires not only further funding, but technologies and processes to institutionalise growth and corporate governance,” he said.

He highlighted a growing pool of “multi-Latinas”, companies that invest outside their national borders, embarking on a path leading to a regional then global presence. Many of these require venture capital from Europe and other regions with investment potential.

“We have seen an increase in private equity houses coming in to the region,” Esquivel said. “They are helping family-owned businesses to support their business plans in conjunction with pension funds and local banks. It is a smart way for getting knowledge transfer.”

“Mexico has more than 40 trade agreements and is very export-oriented. Mexico’s exports are more than 30% of GDP and over 60% of these are manufactures rather than commodities.”víctor Esquivel, Board Member and Partner in Charge of Advisory, KPMG (Mexico)


international companies add cohesion and networksMultinational companies are an important part of the development matrix. They transfer technology and resources to the local region while benefiting from its dynamic population.

Jose Maria Sanz-Magallón, Chief Executive Officer of Telefónica International USA, explained: “We arrived in Latin America in the 1990s when the governments of Argentina, Chile, Peru etc. started a period of liberalising their operators. Our expansion was shy to start with, but we now have more than 200m clients, and we are the biggest private sector investor in the region. In terms of infrastructure, we have a network of optic fibre in the region that would go five times around the world.”

The attraction for Telefónica is the growth dynamic, with the population of Latin America increasing by 70m in the last 10 years. For its business, the fact that the average age is just 29 (compared to 43 in Europe) is critical. “There is clear potential regarding future consumption in the region,” Sanz-Magallón continued. “In a few years there will be more university students here than in the US.”

Importantly, in the next three to four years the growth of internet traffic will exceed the world average. “Brazil, for one, is not just a country of the future – it is the country of the present and future,” he concluded.

“there is clear potential regarding future consumption in the region. in a few years there will be more

university students here than in the uS.”

Jose Maria Sanz-Magallón, Chief Executive Officer of Telefónica International USA


argentina rediscovers its dynamismArgentina has long been a favoured destination for companies seeking to expand in the region. However, the growth path of the country was set back by the default on its international obligations a decade ago. It is starting to re-emerge, giving a boost to the whole region.

Argentina recovered using its own resources in the absence of access to foreign capital, said aldo Ferrer, Ambassador of Argentina to France. The Argentinian economy has grown at 7-8% per cent since 2002 and external trade has doubled. In the last year alone, imports have risen by 30%. He said: “We have alleviated the social tensions which were severe in the time of the crisis when 50% of our population was below poverty level. It is now just 6-7%. In the crisis, unemployment rose to 20%, but is now at just 6%. This all favours foreign capital, Mr Ferrer believed. “We have 2,200 subsidiaries of foreign companies in Argentina now. We welcome investment to improve access to third-party markets and to improve value chains.”

Governments should play more active role in regionalisationInternal market dynamics could be enhanced if politicians made greater efforts to link the region and started trading as a bloc, as the European Union has done for some time. vibeke Rovsing Lauritzen, Representative of the Danish EU Presidency and Under-Secretary of State for the Trade Council of the Ministry of Foreign Affairs, Denmark, set out the case for the creation of a regional market. “Integration has been slow and mainly driven by the private sector,” she said. “Governments could play a more active role in trade liberalisation. We need to ensure a good investment climate by strengthening institutions and legislation and creating a stable environment for investors.”

This would attract more SMEs, which have few resources and rely on good infrastructure being readily available. “SMEs like to do business in Chile, for example, because it is easy to do business there,” added Ms Lauritzen. “For SMEs it is especially important that it is easy to do business.”

“We have 2,200 subsidiaries of foreign companies in argentina now. We welcome investment to improve access to third-party markets and to improve value chains.”aldo Ferrer, Ambassador of Argentina to France


Not everyone is waiting for regional co-operation, however. Some of the bigger economies are pursuing bilateral agreements. Esquivel pointed out: “Mexico has more than 40 trade agreements and is very export-oriented. Mexico’s exports are more than 30% of GDP and over 60% of these are manufactures rather than commodities.”

Some caution was expressed on the importance of the trade agreements. Abruzzini argued that private capital flows to markets wherever demand exists, regardless of official agreements. “I don’t say free trade agreements are not important at all, but they are not necessarily the first reason why businesses go to Latin America,”

“Governments could play a more active role in trade liberalisation. We need to ensure a good investment climate by strengthening institutions

and legislation and creating a stable environment for investors.”

vibeke Rovsing Lauritzen, Representative of the Danish EU Presidency and Under-Secretary of State for the Trade Council of the

Ministry of Foreign Affairs, Denmark


Abruzzini said. “Investment is already happening in countries where we have no trade agreements. They are only important when they add facility.”

Level of trust must go upEconomic factors are important but not necessarily sufficient. For Latin American economies to remain dynamic, they must pay heed to factors such as the rule of law, social inequalities and security. “Providers give investment to countries that are beset the ability to integrate into global markets,” said Carlos Eduardo Mena, Senior Advisor at EuroChile.

At the same time, investment has to be made in good faith. He added: “They need to invest for sustainable development that takes into account social responsibility, and not as philanthropy or marketing. It needs to be based on values and common ethics. Trust is a key point and goes beyond what the law provides.”

“investment needs to be based on values and common ethics. trust is a key point and goes beyond what the law provides.” Carlos Eduardo Mena, Senior Advisor at EuroChile

Speakers and moderators continue the debate informally at the lunch interval


OPPORtuNitiES iN tOMORROW’S RESOuRCE-SCaRCE WORLD

Huge natural resources can provide considerable impetus for any economy. But resources don’t last forever and in the past they have been squandered in various parts of the globe. Latin America is seeking to avoid this fate by trying to add value to its commodity-led markets. Europe, with its vast experience of service provision, has a crucial part to play in this, and Latin America appears to be enthusiastically welcoming the knowledge it can provide.

“A high proportion of Latin American exports are raw materials or manufactures with low added value,” noted Merritt. “Brazil broke into the medium haul market with its own airplanes. But for decades before that Brazilians were protectionist and kept out technology. I hope Cristina Fernandez understands this point.”

China is the world’s workshop but only keeps 15c in each dollar of its manufactures because the technology belongs to Europeans or Americans. “Latin American policymakers need to think about this,” Merritt said.

Jose Maria Sanz-Magallón, Chief Executive Officer of Telefónica International USA, engages with a participant during the lunch break


Moving away from commodities relianceThe so-called commodities supercycle lasted for the whole of the last decade, predicated mainly on the industrialisation of China. But believing this is the panacea for all development challenges is probably misguided.

“The prices of commodities might stay high for the next 10-20 years,” stated Christian Daude, Head of the Americas Desk at the Development Centre of the Organisation for Economic Co-operation and Development (OECD). “It is an open window of opportunity for the region but we have got to think beyond it.” If the supercycle ends, demand for commodities such as copper may fall, causing huge readjustments in prices. “The old challenges remain,” said Daude. “We have high specialisation in natural resources and that makes us vulnerable to China’s growth and the price of commodities.”

Europe is recognising this and is already focusing on value-added investments in Latin America. Karel De Gucht, EU Commissioner for Trade, noted that Europe provides two-thirds of all R&D in Latin America. “Europe does not look at Latin America just as a continent rich in commodities, the relationship is deeper than that,” he insisted. “Our economies are complementary: Latin

“We have high specialisation in natural resources and that makes us vulnerable to China’s growth and the price of commodities.”Christian Daude, Head of the Americas Desk at the Development Centre of the Organisation for Economic Co-operation and Development (OECD)

“Our economies are complementary: Latin american countries want to move up the value chain, while Europe sees the dynamism of Latin america as a strategic base for products and services.”Karel De Gucht, EU Commissioner for Trade


American countries want to move up the value chain, while Europe sees the dynamism of Latin America as a strategic base for products and services.”

Brazil looks to the futureBrazil is spending huge resources and inviting further capital from foreign investors to add value to its existing oil and gas industries and to develop its growing renewable energy industry. Carlos Mariani Bittencourt, Director of the National Confederation of Industry and Co-Chairman of the European Union Mercosur Business Forum, said its aim is to increase investment in renewable energy from the current level of 1% of GDP to 2-3%. This will enable the sector to grow by 60% between 2011-2020.

“The strategy is to have better energy efficiency and to focus on renewable and electrical energy,” Bittencourt said. “We have second-highest potential in the world in terms of hydroelectric production after China.” In addition, only 7% of the potential in Amazonia has yet been exploited.

In hydro-electric energy, Brazil has only 34% of its reserves in operation. This compares to Germany’s 83% and France’s 100%. So there is room for considerable expansion of hydro-electric energy. The expansion will take place through a bid process to which all companies in all countries are invited. “We have total openness in all sectors,” asserted Bittencourt. From 2005-2011,

“thanks to the availability of the energy sector we can help other industries to come to Brazil. it ensures we have a brilliant future.”

Carlos Mariani Bittencourt, Director of the National Confederation of Industry (CNI) and Co-Chairman of the European Union Mercosur Business Forum


503 new projects were undertaken in the renewable energy sector in Brazil, creating 23,000 new MW of energy, or 71% of all energy produced. From 2013-2017 another 37,000 MW will come on stream, mainly electrical. Wind energy will account for 7-10% of the total, and 76% of all energy will be from renewable sources by 2020.

In addition, by 2016, 3.3m barrels a day of fine and light oil will be produced, similar to the quality of oil produced by Saudi Arabia. Bittencourt added: “Thanks to the availability of these energies we can help other industries to come to Brazil. It ensures we have a brilliant future.”

The opportunities for foreign entities to add value are considerable. Constructing drills and platforms are one clear way. Bittencourt explained: “There are now 50 platforms operated by foreign businesses and 48 by Petrobras. The Norwegian government can thank us because they will operate most of the 53 new vessels being built in ship yards around the world to operate here.”

From left: Co-moderators Giles Merritt, Secretary General of Friends of Europe, and arnaldo abruzzini, Secretary General of EUROCHAMBRES


“We are looking for sustainable and high-tech investments that are environmentally friendly, that can add value. We want Chile to be used

as a platform for development to the wider Latin american region and to asia.”

Zsuzsa Nyitrai, Advisor to the Minister in International Affairs of the Ministry of Economy, Development and Tourism, Chile

Chile invests in technology transferChile is starting to use the proceeds from its vast copper and lithium resources to create more value throughout its economy. Zsuzsa Nyitrai, Advisor to the Minister in International Affairs of the Ministry of Economy, Development and Tourism, Chile, told the summit: “We are looking for sustainable and high-tech investments that are environmentally friendly, that can add value and promote technology transfer. We want Chile to be used as a platform for development to the wider Latin American region and to the Asian region. We now have 22 commercial agreements allowing access to 59 countries.”

Mining is 19% of GDP in Chile and the country expects $91bn worth of investment projects in this sector over the next eight years. “Chile does not see the mining industry as just raw materials,” Nyitrai continued, “they can be exhausted in the future. Chile uses the income from copper exports to reinvest in science and technology in order to convert Chile into a regional hub of innovation, which is one of the most important goals of the Ministry of Economy.” During the previous and current year Chile celebrated the establishment of three European centres of excellence, including Inria, the biggest computer sciences centre from France, Fraunhofer Institute from Germany in the field of biotechnology and CSIRO, Australian Centre of Excellence to work on projects related to the mining sector.

Nyitrai said: “They have been selected through a concours and co-financed by the Chilean government for transfer technology between universities and the private sector. This forms part of the “3I concept” – Innovation, Investigation and Industry – that can contribute to convert the country into the first developed country in the Latin American region by the year of 2020.

Lithium, which is used to make batteries for the fast-growing electric car sector, will be a big part of this growth. “Production of batteries for electric cars will


be 12 times as high as it is today in 10 years,” predicted Nyitrai. “Chile is the biggest producer of Lithium but up until now this opportunity was only exploited by two companies, our government is calling for public bidding process for the exploitation of Lithium where national and international companies can both participate.”

Finally, in energy, Chile seeks to double its energy provision during this decade and aims to reach 20% renewable sources by 2020. There are many areas of potential investment, namely the geothermal, solar and hydroelectric sectors, where the country offers highly favourable natural conditions.

if Europe doesn’t add value, others willEuropean institutions and companies should focus on value-added services if they are to maintain relationships with Latin America and not lose out to fast-growing Asian competitors.

“We require consultancy services to develop processes, to intervene in the middle of the value chain - we need the transfer of technology and innovation,” said Juan Francisco Mejía Betancourt, Representative of the “Asociación Industrial Latino Americana” and Director of the AL-Invest Programme,

“if Europe does not do it, other countries will. if you get on a plane in Latin america, a big percentage are Chinese flying first class they are ready to invest.”

Juan Francisco Mejía Betancourt, Representative of the Asociación Industrial Latino Americana and Director of the AL-Invest Programme, Venezuela


Venezuela. “This should come from regions such as Europe. If Europe does not do it, other countries will. If you get on a plane in Latin America, a big percentage are Chinese flying first class - they are ready to invest.”

Where’s the infrastructure?For value to be added to raw materials and for investors to want to add this value, infrastructure is critical. However, in some respects it is lacking.

“There is a problem for companies if they want efficiency but there is low-quality infrastructure,” warned Bittencourt. “It makes it expensive to export to and from our ports if train services don’t work well and roads are in bad condition.”

The problem with the ports is that many are under government control while others have been built and are run with private money. “The efficiency of a port that is under the administration of the government is not comparable with the private sector,” he added. “We are trying to push for more and more public-private partnerships for transport infrastructure. The lack of this so far, damages productivity which is a serious problem.”

Poor roads and ports are a crucial issue, Merritt agreed. “If you can’t get things in and out you can’t get started,” he said. “It is all very ad-hoc now. I didn’t hear any suggestion today that Latin American countries are working together on a resource development strategy. There is an enormous opportunity for European technology to develop expertise in Latin America, but we really need to get our acts together on both sides of the south Atlantic.”

As a final thought, Daude noted that many countries without natural resources have become wealthy while others with natural resources have remained poor. So the quality of institutions and political will were critical success elements.

“It is not automatic that countries do well with natural resources,” said Daude. “You have got to work on it. In Switzerland, pharmaceutical industries and financial services have developed strongly due to innovation and strong institution. So action is needed at the country level if you want to add value. Europe is relatively poor in natural resources but has created a lot of wealth through knowledge. So it is an interesting partner for Latin American countries.”


aNNEx i - Programme09.30 – 10.00 Welcome coffee and registration of participants

SESSiON i WHy EuROPEaN iNvEStMENt 10.00 – 11.30 iS StiLL SO BuOyaNt

In spite of the global slowdown and the eurozone’s sovereign debt woes, European investors are still being attracted in record numbers by Latin American economies’ booming performances – investment from EU countries’ reached €385bn in 2010, up substantially from €320bn the year before. After the US, Europe is Latin America’s major trading partner, with total trade now topping €200bn yearly, well ahead of China’s €130bn. But competition for the choicest trade and investment opportunities in the region is also getting fiercer, with Asian businesses – and Chinese ones especially – stepping up their presence in Latin America. What are the implications for European investors of EU governments’ austerity policies, with the possibility that the banking and financial services sectors may be starved of liquidity and unable to extend as much credit to companies investing and trading with Latin America?

SpeakerS:

Co-moderated by Giles Merritt, Secretary General of Friends of Europe and arnaldo abruzzini, Secretary General of EUROCHAMBRES

11.30 – 12.00 Coffee break

Pierre vimont Executive Secretary General at the European External Action Service (EEAS)

Gutemberg uchôa, General Manager for Investments at Apex-Brazil

José ignacio Salafranca Sánchez-Neyra MEP Chairman of the European Parliament Delegation to the Euro-Latin American Parliamentary Assembly

João aguiar Machado Chief Negotiator for EU-Mercosur trade negotiations and European Commission Deputy Director General for Trade

Mario Cimoli Director of the Division of Production, Productivity and Management of the United Nations Economic Commission for Latin America and the Caribbean (UN ECLAC)


Fanny de EstradaDirector of Competitiveness of the Guatemalan Association of Exporters (AGExPORT)

Jose Maria Sanz-MagallónChief Executive Officer of Telefónica International USA

vibeke Rovsing LauritzenRepresentative of the Danish EU Presidency and Under-Secretary of State for the Trade Council of the Ministry of Foreign Affairs, Denmark

víctor EsquivelBoard Member and Partner in Charge of Advisory, KPMG (Mexico)

aldo FerrerAmbassador of Argentina to France

Carlos Eduardo MenaSenior Advisor at EuroChile

SESSiON ii LatiN aMERiCa’S DyNaMiC MaRKEtPLaCE 12.00 – 13.30

The doldrum years that reflected Latin American countries’ failure to construct an effective internal market now seem firmly behind the region, even if accidental trade clashes still make headlines. The dynamic effects of Mercosur have seen cross-border trade between its member countries increase tenfold in less than two decades, representing an average accumulated annual growth rate of 15%. Overall economic performance has also defied the global slowdown, with the Latin American and Caribbean economies growing by almost 6% in 2010 and some 4.4% in 2011. Unlike the more saturated markets of industrialised Western nations, demand in Latin America in terms both of infrastructural development and poverty alleviation is set to remain very strong. But there are nevertheless major differences between the region’s national marketplaces, with Brazil, Mexico and Argentina the leading trade and investment magnets. How should internationalised SMEs assess the opportunities available in the different countries of Latin America, and the prospects for the coming decades? Can EU-Latin American commercial partnerships and joint ventures facilitate technology transfer, innovation and sustainable economic development?

SpeakerS:


13.30 – 14.30 Networking lunch


SESSiON iii OPPORtuNitiES iN tOMORROW’S 14.00 – 15.30 RESOuRCE-SCaRCE WORLD

From oil and gas to increasingly sought-after minerals like lithium, and from hydro-electric power to almost limitless bio-energy sources, Latin American countries’ natural resources are the envy of many and the investment successes of a comparative few. The key to developing these resources will clearly be investors’ ability and willingness to add value to raw materials thereby ensuring economic diversification; at present half of Latin America’s exports are either primary goods or manufactures based on natural resources. Favoured projects will therefore be those that capitalize on Latin America’s natural wealth to create a much more sophisticated industrial base. What are the strategic production industries that European and Latin American internationalised SMEs with proven expertise should be identifying for their 21st Century growth strategies?

Video meSSage:

SpeakerS:

Karel De GuchtEU Commissioner for Trade


16.00 End of summit

Christian DaudeHead of the Americas Desk at the Development Centre of the Organisation for Economic Co-operation and Development (OECD)

Carlos Mariani BittencourtDirector of the Brazilian National Confederation of Industry (CNI) and Co-Chairman of the European Union Mercosur Business Forum

Zsuzsa NyitraiAdvisor to the Minister in International Affairs of the Ministry of Economy, Development and Tourism, Chile

Juan Francisco Mejía BetancourtRepresentative of the Asociación Industrial Latino Americana (Latin American Industrialists Association) and Director of the AL-Invest IV Programme, Venezuela


aNNEx ii - List of Participants

Carlos Eduardo abijaodi, Director of Industrial Development, Brazilian National Confederation of Industry (CNI), BrazilMarta abrantes, Administrator, European Commission: Directorate General for Energyarnaldo abruzzini, Secretary General, Association of European Chambers of Commerce & Industry (EUROCHAMBRES)alfredo acebal, Director, Head of Brussels Office, Telefónica, EU Liaison OfficeJoão aguiar Machado, Deputy Director General and Chief Negotiator for the EU-Mercosur trade negotiations, European Commission: Directorate General for Tradeangel angelidis, Former European Parliament Advisor for Agrifood and Forestry, Carlos appelgren Balbontin, Ambassador, Mission of Chile to the EUCarmen-Rosa arias, First Secretary, Mission of Peru to EULéa auffret, Chargée de Mission, Bureau Européen de l'Agriculture Françaisevladimir averkiev, Counsellor, Nuclear Energy Cooperation, Mission of the Russian Federation to the EUalejandra ayuso, Counselor and Chargé d'Affaires a.i., Mission of Argentina to the EUPaolo Baldan, Director, Al Invest Program, Association of European Chambers of Commerce & Industry (EUROCHAMBRES)Carolina Ballester, Latin America Officer, ADETEF (Assistance Technique France), FranceMartin Banks, Journalist, The Parliament MagazineMargarita Bardaji, Programme Manager, Regional Programmes Latin America and Caribean, European Commission: Directorate General for Development and Cooperation - EuropeAid (DEVCO)Maria Daniela Barrios Quintana, Expert in charge of Latin America, United Nations Industrial Development Organization (UNIDO), Franceana Baumberg, Masters Student, London School of Economics and Political Science, United Kingdomuwe Becher, Partner, Conoscope, Germanyadam Bedford, Assistant Director, British Agricultural BureauCarlos Mariani Bittencourt, Director, Brazilian National Confederation of Industry (CNI), Braziligor Bobek, Expert Associate, Croatian Chamber of Economy, Brussels Office

Guido Bognolo, Secretary General, Confederation of European Senior Expert Services (CESES)andrew Bradley, Director, International Institute for Democracy and Electoral Assistance (IDEA), Swedenyann Brenner, Senior Operations Associate, Private Sector Relations, Inter-American Development Bank (IADB), France, European OfficeLorenzo Brescia, International Financial Institutions coordinator, European Investment Bank (EIB)Ovidio Brugiati, Public Affairs Adviser, Ferrovie dello Stato, EU Relations Officeinder Bugarin, EU Correspondent, Reforma, MexicoNadine Burquel, Secretary General, European Centre for Strategic Management of UniversitiesPablo Bustos, Third Secretary, Mission of Chile to the EUÁlvaro Calderon Hoffmann, Economic Affairs Officer, United Nations Economic Commission for Latin America and the Caribbean, Chile, HeadquartersGeert Cami, Co-Founder & Director, Friends of Europe - Les Amis de l'EuropeBarbara Campbell, First Secretary, Mission of Nicaragua to EUWalter Cancela, Ambassador, Mission of Uruguay to the EUQian Cao, Europe Editor, Boao ReviewNatalia Cardona, Project Manager, ALAnet Global Consortiumantonio Caruda Ruiz, Auditor, European Court of Auditors, LuxembourgMario Castillo, Project Director, ECLAC & @LIS2 Programme, United Nations Economic Commission for Latin America and the Caribbean, Chile, HeadquartersRocio Cervera Crespo, Responsible for the CoR, Regional Office of ExtremaduraMario Cimoli, Director of Production, Productivity and Management Division, United Nations Economic Commission for Latin America and the Caribbean, Chile, HeadquartersJordi Ciuraneta i Riu, Catalan Government, Generalitat de Catalunya, Catalonia-SpainPhilippe Claeys, Advisor, European Government Sector, PricewaterhouseCoopersCarlos Cobb, Director de Canales Alternos, Eurocentro Nafin Mexico, Mexico


ana Coelho, Director, Delegation of the Government of Catalonia to the EUvincenzo Conforti, Senior Account Executive, GPlus Europeanabella Cosentino, Coordinator of International Projects, National Chamber of Commerce and Services, Uruguay, UruguayPierre-valentin Costa, Liaison Officer, EU Correspondent, Inter Euro Mediaaliénor Crouzet, Journalist, CafeBabel.com, BruxellesJose Cruz, Advisor on Cooperation Development, Association of European Border Regions (AEBR), Germanyvanessa Cuevas, Assistant to Antoine Duquesne MEP, European ParliamentSamla Da Rosa, Communications Officer, Brazilian Business Affairs, Europe, APEx BrasilChristian Daude, Head of the Americas Desk, Organisation for Economic Co-operation and Development (OECD), France, Development CentreJavier Davila, Chief Economist, Sociedad Nacional de Industrias, Peru, PeruPhil Davis, Journalist, Phil Davis Ltd, United KingdomFanny de Estrada, Director of Competitiveness, Association of Exporters (AGExPORT), GuatemalaPietro De Matteis, Policy Analyst, Urban Development, Territorial Cohesion, European Commission: Directorate General for Regional PolicyHugo De Mey, Director, CompetenceFrançois de Ribaucourt, PhotographerElizabeth Deheza, Research Fellow, Royal United Services Institute for Defence and Security Studies (RUSI), United KingdomOswaldo Del aguila, Minister Counselor (Political Affairs, Cultural Affairs), Mission of Peru to EUMorgane Delavergne, Policy Officer, Bioeconomy, European Commission: Directorate General for Research and InnovationBernard Deltour, Partner, Liedekerke Wolters Waelbroeck Kirkpatrick (LWWK)Louise DeltourPolydoros Demetriades, Principal Administrator, European Commission: Directorate General for Education and Cultureadriana Detrell, Project Assistant, International Organization for Migration (IOM), Regional Liaison & Coordination Office to the EURaymond Dhirani, Finance Policy Officer, World Wide Fund for Nature (WWF) UK, United KingdomRüdiger Dohms, Deputy Head of Unit, State Aid, European Commission: Directorate General for CompetitionStanislav Drapal, Head of Unit, Internal Audit, European Commission, Joint Research Centre

tomás Dueñas, Ambassador, Mission of Costa Rica to the EUSusanna Duque, Executive Director, Eurocentro Nafin Mexico, MexicoLigia Dutra Silva, Managment and Business Analyst, Brazilian Trade and Investment Promotion Agency (APEx), BrazilJosep Maria Elorduy, Deputy Director, Diputació de Barcelonavíctor Esquivel, Partner in Charge, Advisory, KPMG Mexico, MexicoMartín Etchegoyen, Director General, Unión Industrial Argentina, ArgentinaRui Faria da Cunha, Executive Manager, Brazilian Business Affairs, Europe, APEx BrasilSzabolcs Fazakas, Member, European Court of Auditors, LuxembourgMarianne Feldmann, Head, Division of Development Cooperation and Information, Ministry of European and International Affairs, Austria, Austria, Department of Development Cooperation and International Development PolicyCarlo Ferraro, Economic Affairs Officer, United Nations Economic Commission for Latin America and the Caribbean, Chile, Headquartersafonso Ferreira, Seconded National Expert, European Commission: Directorate General for Information Society & Mediaaldo Ferrer, Ambassador, Embassy of Argentina to France, Francealex Figueiredo, Operations Manager, Brazilian Trade and Investment Promotion Agency (APEx), BrazilRhonal Fonseca, Third Secretary, Mission of Venezuela to the EUGeneviève Francois, Vice President, Chambre de Commerce Belgo-ChilienneGaspar Frontini Cattivello, Head of Unit, Trade relations with Latin America, European Commission: Directorate General for TradeSandra Fuentes-Berain, Ambassador, Mission of Mexico to the EUNathalie Furrer, Director, Friends of Europe - Les Amis de l'EuropeStéphane Gagné, Strategy Manager, Wallonia Foreign Trade and Investment Agency (AWEx)Kurt Gaissert, Adviser, Representation of Baden-Württemberg to the EUChiara Galluccio, Project Manager, Madariaga - College of Europe FoundationKarina Garcia, Pickering Fellow, Mission of the United States of America to the EUantonio García del Riego, Managing Director, Head of Corporate Affairs in the EU, Banco Santander Group BeneluxCésar augusto García Morales, Director, Special Projects, National Association of Foreign Trade (ANALDEx), Colombia


Johan Geentjens, Senior Policy Advisor, Ministry of the Flemish CommunityMunir Ghiasy, First Secretary, Mission of Afghanistan to the EUMirtha L. Giménez, Commercial Attaché, Mission of Paraguay to the EUJacques L. Glorieux, Vice President, Belgian Chambres Federation of Belgian Chambers of Commerce and IndustryNathalie Gross, Account Executive, Edelman|The Centrethomas Grusemann, Corporate Group Representative, TÜV RheinlandJudit Guerrero, Firest Secretary, Mission of Nicaragua to EURenaud Guillonnet, Senior Expert, Al Invest IVJorge David Guzman Nieto, Shareholder, Dare Associates, Italyirene Haddad, Expert, Al Invest IVida Haisma, Director of Innovation, TNO Defence, Security and Safety, The NetherlandsMarc Hall, Editorial Support, EurActiv.comyvonne Hendrych, Head of Brussels Office, Confederation of German Textile and Fashion IndustryMathieu Hoeberigs, Principal Administrator, Tourism & International Relations, European Commission: Directorate General for Enterprise and IndustryChristof Hoyler, Founder and Chief Executive, Global FairNetShada islam, Head of Policy, Friends of Europe - Les Amis de l'EuropeFlorian iwinjak, Programme and Liaison Officer, United Nations Industrial Development Organization (UNIDO), Brussels OfficeCristian Jara, Minister Counsellor, Mission of Chile to the EUDietlind Jering, Policy Officer, International Co-operation, European Commission: Directorate General for Research and InnovationDaniel Jordan, International Business Development Manager, GreenwinMatthias Jorgensen, Deputy Head of Unit, Trade Relations with Latin America, European Commission: Directorate General for TradeEric Jourcin, Economist, Latin America and the Caribbean, Agence Française de Développement (AFD), FranceRose Keravouri, Reserve Assistant Army Attaché, Embassy of the United States of America to Belgiumidoia Labayen, Head of Legal Department, Ategrus, SpainCelia Labora, Director for International Relations, Cámara de Comercio de Cuba, CubaEduardo Lanza, Manager Regulatory Affairs, Telefónica, EU Liaison OfficeLilian Leão, Communication Supervisor, Brazilian Trade and Investment Promotion Agency (APEx), Brazil

Camille Leleu, European Affairs Officer, Renault Representative Office to the EUthiago Lima, Coordinator for Al-Invest IV Programme, Confederação Nacional da Industria, Brasilthiago Lima, Analyst, Brazilian National Confederation of Industry (CNI), BrazilLuis alberto Lima Morra, President, Centro de Cooperación Empresarial (CEDIAL), ParaguayGabriele Lo Monaco, Co-ordinator for Trade Relations with Chile and Mexico, European Commission: Directorate General for TradePablo Lopez-alvarez, Senior Vice President, FTI Consulting BelgiumMaria Lorente, Journalist, Agence France Presse (AFP)Beate Löwe Navarro, Owner, BLN Communications, Germanyteresa Luis Ruiz, Head of Office, EndesaLucy Macmillan, Stagiaire, Confederation of British Industry (CBI)Caroline Mahr, Project Coordinator, European Landowners' Organisation (ELO)Jacques Malache, Senior Director, International Press AgencyEdgardo Malaroda, Minister, Head of Trade Sector, Embassy of Argentina to FranceBeatriz Manrique, Europe's Editor in Chief, Aquí EuropaMaria del Mar Martin Raba, EU Policy Advisor, Regional Office of the Government of Cantabria in Brusselsalejandro Martinez, Member of the Board, Federación Ecuatoriana de Exportadores, EcuadorSara Martinsson, Policy Assistant, Trade Unit, Permanent Representation of Sweden to the EUFernanda Mascarello, Coordinator, European Major Exhibition Centres Association (EMECA)Laurie Mecreant, Communication Officer, Partners for Democratic Change International (PDCI)Juan Francisco Mejia Betancourt, Coordinator and Director, AL-Invest IV, VenezuelaCarlos Eduardo Mena Keymer, Senior Adviser, EuroChile Business Foundation, ChileGiles Merritt, Secretary General, Friends of Europe - Les Amis de l'EuropeClaire Meyer, Policy and Communication Officer, European Development Finance Institutions (EDFI)andrea Mogni, Senior Policy Officer, Global Issues Division, European External Action Service (EEAS)Mercedes Monedero Higuero, Counsellor, Trade, Permanent Representation of Spain to the EUMigdalia Mora arcaya, Head of Special Projects and International Relations, Confederación Venezolana de Industriales, Venezuela


Cielo Morales, Head of Project Management Unit, United Nations Economic Commission for Latin America and the Caribbean, Chile, HeadquartersEmilia Morales, Director, Institutional Affairs, EuroChile Business Foundation, ChileLaurent Moreau, Export Sales Representative, Resarm Engineering PlasticsJennifer Moriconi, Owner, Bikiorg, Costa RicaGonzalo Moro aguilar, Policy officer, Latin America and Cooperation with International Organisations, European Commission: Directorate General for Education and CultureJoyce Naar, Lawyer, GD&A LawyersSonia Naretto, Officer, Foreign Trade Department, Torino Chamber of Commerce, Claire Naval, Latin America Officer, ADETEF (Assistance Technique France), FranceGloria Navarrete, Counsellor, Mission of Chile to the EUConstanza Negri Biasutti, Senior Advisor, International Affairs, Association of European Chambers of Commerce & Industry (EUROCHAMBRES)Lara Noivo Fernandes, Manager EU Regulatory Affairs, Philips InternationalKitti Nyitrai, Policy Officer, Energy Policy & Security of Supply, European Commission: Directorate General for EnergyZsuzsa Nyitrai, Advisor to the Minister in International Affairs, Ministry of Economy, Development and Tourism, ChileSimona Obreja, Communications Expert, Association of European Chambers of Commerce & Industry (EUROCHAMBRES)Gustavo Orozco, European Union Junior Advisor, Acc10 Competitiveness for CataloniaPatricia Orrico, Manager, Federação das Industrias do estado da Bahia (FIEB), Brazil, BrazilRicardo Oteros, Chief Executive Officer and General Manager, Supracafé, SpainFelipe Palacios Sureda, Investment Affairs Manager, European Commission: Directorate General for Tradeivonne Lorena Palma Contreras, Coordinator Al-Invest Program, EuroChile Business Foundation, ChileJorge Luis Paolino varela, Coordinador del Centro Internacional de Negocios, Cámara de Industrias del Uruguay, UruguayCamelia Paraschiv, Project Officer, European CommissionMário Parrot, Assistant, European CommissionJose antonio Peregrin, Head of International Development, INERCO Ingeniería, Tecnología y Consultoría, Spainismael Perez vigil, President, Conindustria, VenezuelaDavid Peterson, Senior Fellow, Brigham Young University (BYU)

Piero Piu, Head of Division & Administrative Services, Municipality of Grimbergenandreea Lorena Plesea, President Executive, European Project Environment, RomaniaPatricia Ponte Sanz, Economic & Commercial Counsellor, Mission of Cuba to the EUtatiana Porto, Managing Director for External Trade, Confederação Nacional da Industria, BrasilFernando Puerto, Director, High Council of Chambers of Commerce of Spain, Brussels Officeandrés Pugliese, Commercial Manager, Camára Nacional de Comercio y Servicios del Uruguay, UruguayRosa Quevedo, Deputy Head of Unit, European External Action Service (EEAS)Cristine Ramires, Manager, Federation of Industries of the State of Alagoas, Brazil, BrazilHernán Ramírez, General Manager, Centro de Cooperación Empresarial (CEDIAL), Paraguayisabel Recavarren, Director, Centro de Estudios Formación e Información de América Latina (CEFIAL), ItaliaRicardo Reimers, Gerente de Servicios Empresariales, Chamber of Industry, Commerce, Services and Tourism of Santa Cruz (CAINCO), BoliviaStefan Reinhold, Research Assistant, International Cooperation for Development and Solidarity (CIDSE)Juan Manuel Revuelta Perez, General Manager, Fundación FinnovaregioFelipe Ribadeneira, Chief Executive Officer, Federación Ecuatoriana de Exportadores, EcuadorMichel Rico, Partner, EU Issue TrackerRodrigo Rivera Salazar, Ambassador, Mission of Colombia to the EUEdwin Fernando Rojas, Observatory Coordinator of Broadband, United Nations Economic Commission for Latin America and the Caribbean, Chile, HeadquartersSoraya Rosar, Executive Manager of International Negotiations, Confederação Nacional da Industria, Brasilvibeke Rovsing Lauritzen, Under-Secretary for the Trade Council, Ministry of Foreign Affairs, Denmark, DenmarkFernando Ruiz, Professor, Royal Military AcademyMichael Rupp, Policy Officer, European Commission: Directorate General for EnlargementSebastien Saillard, International Manager, ResoCom, FranceJosé ignacio Salafranca Sánchez-Neyra, Chairman, European Parliament: Delegation to the Euro-Latin American Parliamentary Assembly


alejandro Saldívar von Wunthenau, Benelux Director, ProMexico Trade and InvestmentJuan Manuel Sánchez, Operations Manager, Asociacion de Productores y Exportadores de Nicaragua (APEN), Nicaraguatoni Sandell, Policy Officer, Association of World Council of Churches-related Development Agencies (APRODEV)Jose Maria Sanz-Magallón, Chief Executive Officer, Telefónica Internacional USA, United States of AmericaPeter D. Schellinck, Chairman, Schellter Strategy ConsultantsJosé antonio Segura, Counsellor, Embassy of Spain to Belgiumveridiana Grotti Soárez, International Trade Coordinator, National Confederation of Industry, Brazilaimee Suarez, Adviser, Latin America and the Caribbean, European Savings Banks Group/World Savings Banks Institute (WSBI)viktor Sukup, Policy Officer, Forward Looking Studies and Policy Coherence, European Commission: Directorate General for Development and Cooperation - EuropeAid (DEVCO)Marcela Szymanski, Head of Communications, Cabinet DNteresa talavera, Coordinator of International Development Cooperation, Instituto Andaluz de Tecnología (IAT), SpainRaul tavares, Manager, Federation of Industries of the State of Para, Brazil, BrazilBárbara teixeira, Senior Project Manager, European Confederation of Junior Enterprises (JADE)ioana-Cristina toma, Policy Officer, European Commission: Directorate General for Employment, Social Affairs and Inclusionxisca tomàs, Journalist, Prestomedia, Belgiquevittorio tonutti, Acting Head of Unit, EU policies, Regional Programmes Latin America and Caribbean, European Commission: Directorate General for Development and Cooperation - EuropeAid (DEVCO)Manuel tovar, Trade Attaché, Mission of Costa Rica to the EUElektra tsigaridas, Programme Manager, External Relations, Regional Programmes Latin America and Caribbean, European Commission: Directorate General for Development and Cooperation - EuropeAid (DEVCO)

andrey tsyvov, Second Secretary, Mission of the Russian Federation to the EUGutemberg uchôa, General Manager for Investments, Brazilian Trade and Investment Promotion Agency (APEx), BrazilZuzana vackova, Trainee, Malta Business Bureau (MBB), Brussels OfficePedro valente Da Silva, Administrator, Latin America Unit, European Parliament, Luxembourg, Directorate General for External PoliciesChristine van der Steur, Public Affairs Manager, BT GroupLeander van Laerhoven, Adviser, BUSINESSEUROPEinès van Lierde, Secretary General, EuroalliagesSylvianne vanbocquestal, Project Manager, Latin America & Caribbean, Wallonia Foreign Trade and Investment Agency (AWEx)Cristina vargiolu, Policy Officer, Latin and Central America, European Commission: Directorate General for Information Society & MediaJosé María vásquez Ocampo, Ambassador, Embassy of Argentina to BelgiumDaniel velasco Oyola, General Manager, Chamber of Industry, Commerce, Services and Tourism of Santa Cruz (CAINCO), BoliviaFausto vergara, Third Secretary, Mission of El Salvador to the EUColette veys, Executive Director, The American European Community Association (AECA)Pierre vimont, Executive Secretary General, European External Action Service (EEAS)Daniela vincenti Mitchener, Managing Editor, EurActiv.comanne von Zukowski, Policy Officer, Intellectual Property Rights, European Commission: Directorate General for Enterprise and IndustryPaul vossen, Research Programme Officer, European Commission: Directorate General for Research and Innovationyael vuilleminroy, Director, Victoria Lima de Pre-Mammez, FrancePhilippe Wacker, Executive Director, European MetalWorkers' Federation (EMF/FEM)Stefan Whitney, Political Officer, Mission of the United States of America to the EUWies Willems, Journalist, MO*Federico Zorzan, Regional Affairs for the Americas, European External Action Service (EEAS)

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